Bill Text: NH SB232 | 2015 | Regular Session | Enrolled
Bill Title: Exempting certain leases from the real estate transfer tax.
Spectrum: Slight Partisan Bill (Republican 14-5)
Status: (Passed) 2015-07-15 - Signed by the Governor on 07/13/2015; Chapter 0255; Effective 07/01/2015 [SB232 Detail]
Download: New_Hampshire-2015-SB232-Enrolled.html
SB 232-FN-A - VERSION ADOPTED BY BOTH BODIES
2015 SESSION
15-0263
09/01
SENATE BILL 232-FN-A
AN ACT exempting certain leases from the real estate transfer tax.
SPONSORS: Sen. Boutin, Dist 16; Sen. Avard, Dist 12; Sen. Bradley, Dist 3; Sen. Carson, Dist 14; Sen. Cataldo, Dist 6; Sen. D'Allesandro, Dist 20; Sen. Daniels, Dist 11; Sen. Forrester, Dist 2; Sen. Hosmer, Dist 7; Sen. Lasky, Dist 13; Sen. Little, Dist 8; Sen. Morse, Dist 22; Sen. Reagan, Dist 17; Sen. Sanborn, Dist 9; Sen. Watters, Dist 4; Sen. Woodburn, Dist 1; Rep. C. McGuire, Merr 29; Rep. Chandler, Carr 1; Rep. T. Walsh, Merr 24
This bill exempts ground leases from the real estate transfer tax.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
15-0263
09/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Fifteen
AN ACT exempting certain leases from the real estate transfer tax.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraph; Real Estate Transfer Tax; Definitions. Amend RSA 78-B:1-a by inserting after paragraph II the following new paragraph:
II-a. “Lease” means a contractually binding agreement that grants a right to exclusive possession of land, buildings or both, for a fixed or renewable period or periods of time. The term lease also includes any ground leases of unimproved real property whereby the lessee is granted the right to construct improvements on the leased real property.
2 New Paragraph; Real Estate Transfer Tax; Exceptions. Amend RSA 78-B:2 by inserting after paragraph XIX the following new paragraph:
XX. A lease, including any sales, transfers, or assignments of any interest in the leased property, where the term of the lease, including all renewals, is less than 99 years.
3 Effective Date. This act shall take effect July 1, 2015.
LBAO
15-0263
Revised 01/26/15
SB 232-FN-A - FISCAL NOTE
AN ACT exempting certain leases from the real estate transfer tax.
FISCAL IMPACT:
The Department of Revenue Administration states this bill, as introduced, may decrease state general and education trust fund revenue by an indeterminable amount in in FY 2016 and each year thereafter. There will be no fiscal impact on state, county, and local expenditures, or county and local revenue.
METHODOLOGY:
The Department of Revenue Administration (DRA) states this bill establishes a definition for “lease” under the Real Estate Transfer Tax (RETT), RSA 78-B, and creates an exception under RSA 78-B:2, wherein RETT shall not apply to leases, “. . .including any sales, transfers, or assignments of any interest in the leased property, where the term of the lease, including all renewals, is less than 99 years.” This bill would take effect on July 1, 2015. Tax forms filed with the Department of Revenue Administration do not require information specific to “leases” and, therefore, the Department has no information or data upon which to base an analysis of the possible reduction in revenue from the proposed exception from RETT. This proposed change could be administered by the Department without any additional cost.
